MNN Awards: Yancoal does the undoable deal

YANCOAL Australia’s acquisition of Rio Tinto’s Coal & Allied business was a long time coming – and wasn’t without its challenges.

MNN Awards: Yancoal does the undoable deal MNN Awards: Yancoal does the undoable deal MNN Awards: Yancoal does the undoable deal MNN Awards: Yancoal does the undoable deal MNN Awards: Yancoal does the undoable deal

The Hunter Valley operations

Yancoal Australia, once the wholly owned subsidiary of China's Yanzhou Coal Mining Company, has been around for many years, but it was only the acquisition of Felix Resources late last decade that saw it become a listed entity.

Yanzhou remains a 65.5% shareholder in Yancoal.

Yancoal's South African-born CEO Reinhold Schmidt said it was the backing of the Chinese, through tough times, combined with the Australian management team, that made the company unique.

"Going into the competitive acquisition of Coal & Allied, we knew we would be underestimated, we knew we would be the underdog, so we knew we needed to do things differently and match the east with the west to take the market by surprise," he told the Sydney Mining Club last month.

Yancoal firs...